Accounting Software: Reviews

Updated April 2010

Choosing accounting software pretty much comes down to Quicken versus everything else. In the comparison reviews we read while researching personal-finance software, Quicken still comes out ahead, but we found several other programs that give big-boy Quicken a run for the money (we even identified a decent free program). The software below are those that rise to the top in comparison reviews from finance magazines and websites, but also in user ratings.

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Best personal accounting software

Quicken Deluxe 2010

*Est. $40 Compare Prices

Intuit's Quicken is the clear industry leader, now that Microsoft Money Plus has been discontinued, experts agree. Quicken links to far more financial institutions than any other software package, and has more advanced… expandfeatures. While Quicken 2010 offers no substantial improvements over Quicken 2009, reviewers praise a newly designed user interface and say the software is easier to set up and use. The Deluxe version is best for those who want detailed tracking of checking, savings, bill payment, budgeting and 401(k) or IRA accounts. Quicken Premier (*Est. $70) is a better choice for those who have complex investments or own property. Reviewers and users complain that installing Quicken 2010 automatically puts links to financial offers on your desktop, and that phone support is still costly. Overall, however, Quicken is consistently rated as the best personal finance software. All versions of Quicken 2010 run on Windows PCs; Quicken Essentials for Mac (*Est. $60), the first Mac update since 2007, became available in February 2010. collapse

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Expert & User Review Sources:

FinanceSoftwareStore.com: The editors of FinanceSoftwareStore.com rate Quicken Deluxe 2010 8.5 out of 10, the highest score given to any software package.

TopTenReviews.com: This review evaluates eight personal finance software products accompanied by a comparison chart.

Amazon.com: There are over 160 user reviews for Quicken Deluxe 2010 here, many of which are negative, in contrast to the glowing professional reviews.

PC World: Yardena Arar assesses Quicken 2010's new features and improvements and rates it 4.5 out of 5.

About.com: About.com's guide to financial software says "you will not find new money management tools in Quicken 2010," but you will get "enhanced ease-of-use." Her review is based on Quicken Deluxe 2010; she says the best feature for new users is a help sidebar.

CNET: The editors at CNET are not as enthusiastic about Quicken 2010 as some reviewers are; they write that the updated version "offers little that is substantively new" and rate it 3.5 out of 5.

FiscalGeek.com: FiscalGeek.com writer "Paul" provides a thorough review of Quicken Deluxe 2010, including screenshots.

Where to buy:

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Amazon

for $49.88

Alternative personal accounting software

Moneydance 2010

*Est. $40 Learn More

Experts say Moneydance 2010 offers all the features Quicken does except the financial-planning tools -- without the annoying ads. Moneydance also runs on Windows, Mac and Linux operating systems, supports multiple… expandcurrencies and has been translated into several languages. It includes a backup utility so you can set up automatic backups and store data, and you can also encrypt data for added security. A free trial download lets you manually input 100 transactions and import an unlimited number, so you can see for yourself whether Moneydance meets your needs. This is the first update since 2008. Those with 2008 versions can upgrade for free, while an update from an earlier version costs $20. collapse

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Expert & User Review Sources:

FinanceSoftwareStore.com: Moneydance 2010 is rated one of the top three accounting software options for 2010, with a rating of 8.5 out of 10.

TopTenReviews.com: TopTenReviews.com reviews eight personal finance software products and provides a side-by-side chart comparing them.

Macnn.com: This brief review discusses improvements and new features offered by the 2010 version of Moneydance.

The Unofficial Apple Weblog: This is primarily an outline of Moneydance 2010's features.

About.com: About.com's finance software guide says although she has not had a chance to try out Moneydance 2010, she likes its new features, including the new navigation sidebar, automatic downloads, and new reports and graphs.

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Budgeting and debt-management software

You Need A Budget 3

*Est. $60 Learn More

If you need help sticking to a budget and paying down debt, experts give You Need A Budget (YNAB) 3 high ratings, saying it provides features and teaches methods that will help many people design and stick to a budget,… expandreduce debt and accumulate savings. Users find the software easy to set up and use, and customer support is reported to be excellent. YNAB doesn't automatically download transactions or track investments, unlike other financial software. Its initial cost is higher than other options, but you can get a free seven-day trial, and it comes with a 60-day money-back guarantee. Once you buy the software you get free updates for life. YNAB 3 is compatible with Windows, Mac and Linux operating systems. collapse

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Expert & User Review Sources:

PersonalFinanceSoftwareReviews.com: The editor of this site, who gives only his first name, is a businessman who tries quite a few personal accounting products before settling on You Need A Budget (YNAB) 3.

FinanceSoftwareStore.com: The editors of FinanceSoftwareStore.com give desktop accounting programs Quicken Deluxe 2010, Moneydance 2010 and You Need A Budget (YNAB) 3 each a rating of 8.5 out of 10.

FiscalGeek.com: The editor of FiscalGeek.com admits that he may be biased, since he has used YNAB software for years, but in his opinion, "you cannot go wrong with this program." YNAB 3, he says, is a huge improvement over the previous version, and worth upgrading to.

Amazon.com: More than 140 owners rate You Need A Budget Pro, giving it 4.5 out of 5 stars -- much higher than they rate Quicken 2010.

About.com: Shelley Elmblad, About.com's guide to financial software, explains YNAB's four rules for budgeting.

Kiplinger.com: This article discusses how to manage your money and stick to a budget in a tough economy.

Buy from
Amazon

for $62.00

Free personal accounting software

GnuCash

Free Learn More

Reviewers say this free application can handle complex accounting tasks and offers features that make it suitable for small businesses as well as individuals. The downside is that it's not as easy to learn as other… expandprograms, lacking the guided interface of competing software. According to one reviewer, people with some knowledge of financial management basics will get the most out of it. GnuCash works on multiple operating systems -- including Windows, Mac and Linux -- and supports multiple currencies and languages. Users can set up a wide variety of account types, download bank statements and import data from Quicken. The software is updated frequently, and prospective users should be careful to download the latest stable version, which is identified on the website. collapse

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Expert & User Review Sources:

Download.com: Download.com editors give this GnuCash release a score of 4 out of 5, saying, "If you're overwhelmed by the number of personal accounts you're trying to manage, or you're trying to keep your small business on track financially, GnuCash is freeware you should try."

About.com: Shelley Elmblad describes GnuCash's features in detail, saying it's "definitely worth a try." In addition, she concludes, "Many small businesses will find GnuCash is perfect for their needs." She warns users to be careful what version they download from the website, since some that are available there are not stable and are meant to be downloaded for testing only.

Linux Magazine: This review outlines GnuCash's features and walks the reader through some of the application's basic setup tasks.

PC World: This review provides short descriptions of several open-source applications, including GnuCash.

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AceMoney Lite Free

2 picks including: About.com, AssociatedContent.com…

SplashMoney *Est. $20 to $30, depending on version

1 pick including: About.com, Bright Hub.com…